Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has approved a total of $2 million in funding for seven early stage technology companies that are prepared to grow their enterprises and the Commonwealth's economy.

"Funding a diverse range of emerging industry sectors can be the key to securing a region's economic success," said Dennis Yablonsky, secretary of the Pennsylvania Department of Community and Economic Development. "Today's announcements represent a sample of the fields that will play a role in the further development of the southeast region's business climate."

"These investments reflect both the diversity of technology opportunities in our region, and the increasing strength of our entrepreneurial process. The investments include two companies focused on technologies to diagnose and treat cancer, one novel nanotechnology application company, and four companies developed by repeat, serial entrepreneurs." said RoseAnn B. Rosenthal, President & CEO of Ben Franklin.

Companies approved for funding:

CenTrak (formally Remote Play)
Bucks County
Amount approved: $350,000
(BFTP/SEP previously invested $400,000 in 2006)

CenTrak is a leading provider of precise, adaptable and cost-effective tracking solutions for healthcare, commercial, and industrial facilities. The company develops and markets Active-RFID network products used for tracking people and assets in real time, enabling greater workflow efficiency, asset utilization and higher overall security. The patented InTouch Care Real Time Location System offers breakthrough performance and cost advantages that had been previously unattainable. It is the first predominantly battery-powered Active RFID network system in the world, and it is currently operating in several world-class healthcare sites in the US. GE Healthcare has announced a long-term sales and marketing partnership with CenTrak to provide the InTouch product to many hospitals worldwide. The company relocated from New Jersey to Newtown, PA after BFTP/SEP's 2006 investment.

Dr. Ari Naim is Co-Founder, President and CEO of CenTrak. A serial entrepreneur, Dr. Naim previously founded multiple companies including Digital 5 in 1994, to commercialize portable chip-based recording technology and internet audio applications. Through his stewardship as Chairman and CEO, Digital 5 became a leading provider of portable digital audio technology, with over 90 employees and $30M+ in venture capital raised.

NanoPack
Chester County
Amount approved: $250,000
(BFTP/SEP previously invested $100,000 in early 2007)

NanoPack has developed barrier coatings for clear packaging films that reduce oxygen transmission, thereby extending the shelf life of food and other items. This new clear packaging technology creates a viable alternative to existing options used for meat, cheese snack foods and nuts, and potentially opaque metalized packaging commonly used for potato chips. The coatings can also be used to prevent leakage of gases from balloons and aromatics from packages containing spices and perfumed products. Undesirable pet food odors may also be significantly reduced. Howard Kravitz is President and CEO of NanoPack.

Onconova Therapeutics
Bucks County
Amount approved: $250,000

Onconova is developing innovative products for combating radiation sickness and cancer, including a new therapy for mantle cell lymphoma. Founded in 1998, and based in Newtown, PA, the company combines conventional pharmaceutical science (a small molecule approach) with the latest genomic and genetic technologies for drug discovery and development. The Onconova core technology and products are derived from the work of Dr. E. P. Reddy, a world-renown scientist. The company's proprietary medicinal chemistry library and cell-based screening platform have yielded many promising drug candidates. Onconova's products are patent protected drugs that address three major problems associated with cancer therapy: toxicity, lack of efficacy, and resistance. More than 100 US and International patents covering Onconova's compounds have been issued.

Dr. Ramesh Kumar, a Co-founder, is the President and CEO of Onconova. He has held positions in R&D or management at Princeton University , Bristol-Myers Squibb, DNX (later Nextran, a subsidiary of Baxter) and Kimeragen, where he was President of the Genomics and Transgenics Division.

Versify Solutions
Delaware County
Amount approved: $250,000

Versify Solutions is a software and services company focused on developing leading solutions for the power industry. Versify offers unique solutions for power traders and power generation managers. Versify's unique software architecture and interactive system collects, processes, and manages vast amounts of data from a variety of sources. The net result is a rich suite of real-time analytical and management dashboard reports and tools. Peter Cona is President and CEO of Versify.

MacroArray Technologies
Delaware County
Amount approved: $125,000
(BFTP/SEP previously invested $200,000 in 2003)

MacroArray Technologies is a biotechnology company formed to capitalize on the growing need for more efficient and effective technology to rapidly identify and develop novel diagnostic markers for the early detection and staging of cancer, and linking these diagnostic tests to therapeutics. The company's research team has developed a unique, proprietary and highly effective DNA array discovery technology which enables the rapid identification of novel diagnostic "bio-marker" genes that are critical to cancer growth and survival. The company's goal is to utilize protein markers to develop diagnostic tests for various cancer indications through its own research staff and strategic alliances. Michael J. Wassil, CEO, has over 25 years of management experience in Pharmaceuticals, Medical Devices and Biotech. He has raised over $150 million in public and private company financing, including two IPOs.

Altosoft Corporation
Delaware County
Amount approved: $250,000
(BFTP/SEP previously invested $300,000 in 2007)

Altosoft delivers cutting edge business intelligence (BI) solutions that eliminate the cost and complexity of conventional BI while delivering advanced functionality for operational performance improvement. Altosoft's 100% codeless BI platform features ultra low-latency data monitoring and analysis across operational databases, warehouses, and other data sources; integrates real-time event monitoring and business process optimization; and enables dashboard development in minutes with a unique browser-based, drag-and-drop interface. A typical Altosoft solution is implemented in one tenth the time and at less than one half the cost of traditional BI approaches. Headquartered in Newtown Square, Pennsylvania, Altosoft delivers solutions for commercial and government organizations worldwide.

Altosoft's innovative and experienced management team draws on deep domain expertise in the business intelligence, business process management, and integration fields, and leverages experience in industries ranging from technology to financial services, engineering and law. Scott Opitz, Altosoft's Co-Founder, President and CEO, previously served as Senior Vice President, Worldwide Marketing; Business Development, for webMethods. He joined webMethods as a result of its acquisition of IntelliFrame Corporation (a wholly-owned subsidiary of Computer Network Technology Corp.), where he was Co-founder and CEO. IntelliFrame was acquired in a cash and stock deal worth $31.1 million in 2001. Alex Elkin, Co-Founder and CTO of Altosoft, was a co-founder and VP of Engineering for IntelliFrame Corporation. After IntelliFrame's acquisition by webMethods (later acquired by Software AG), Alex spearheaded WebMethods' Advanced Technology Group. Before Intelliframe, Alex was responsible for advanced research at Computer Network Technology (now Brocade). Alex is a co-inventor of eight patents and patent applications. Kevin Spurway, Altosoft's CMO, previously served as Vice President of Marketing at Appian, where he helped establish the company as a leader in the business process management (BPM) market. Before Appian, Kevin was VP of Business Development at PTC, where he was responsible for corporate business development.

Aprecia Pharmaceuticals
Bucks County
Amount approved: $500,000

Aprecia Pharmaceuticals Company develops differentiated pharmaceutical products by combining its proprietary processing technology, dosage form designs, and formulation know-how. Using Three-Dimensional Printing technology under an exclusive license from M.I.T., the company produces medicated oral wafers which can disperse in the mouth in seconds. These are capable of carrying high doses, providing an exciting alternative to conventional pharmaceutical pills, liquids, and other orally-dispersing forms. Etienne Perold, Ph.D., is Aprecia's Chairman and CEO, and has a background in venture development and leadership consulting. He has co-founded several technology-based firms in health care and communications, and has prior experience in board and executive committee roles in public, private, and non-profit firms.

 From the April/May 2008 issue